Trade up or stay put?

[Tom's_03SVT]

I'm just looking for a little non-bias input on the 2009 Ram pick ups (can't get that on the dodge forums) and this impluse purchase.

Should I keep my 2008 2wd/4.7L SXT Ram 1500 or upgrade to a 2009 SLT/4X4/Hemi.

the dealership has offered me $5500 more than I paid for my 08 Dodge, (I bought the truck in SEP08 for 1/2 the MSRP. I paid $15K out the door for it). there is $6500 in rebates plus free maintenance for 3yrs/36000 miles for military.

With my trade I would be financing about $10K for a truck that stickers for $40K. So what do you think, pull the trigger or stay put?

TIA,
Tom

 

[My Cobra]

Whats wrong with the truck ya got? could you use the extras on the new truck?

 

[Tom's_03SVT]

Whats wrong with the truck ya got? could you use the extras on the new truck?

Good point.

Really nothing, it has 5500 miles on it and frankly, it's just a truck...

No bells or whistles, 100% function, no frills or thrills. I guess I want something a little more eye catching and I figured if the dealership would give me more than I paid for it in the first place it might be worth trading it...

 

[My Cobra]

You got a point with the more than you paid for it. But got to wonder if they are tacking it on the other side. your smart enuff to think it over and not drive it home the first night. Let them ice on it and see what they come to. Keep a figure in your mind you want. If they get to it take it. If not stay with what you got. Are the extras for the loan payment every month to ya?

 

[Tom's_03SVT]

You got a point with the more than you paid for it. But got to wonder if they are tacking it on the other side. your smart enuff to think it over and not drive it home the first night. Let them ice on it and see what they come to. Keep a figure in your mind you want. If they get to it take it. If not stay with what you got. Are the extras for the loan payment every month to ya?

See that's the kicker, no payment Vs payment. Granted the payment is less than $200 a month again for a $40K truck, but still a payment never the less.

That was the figure I came up with, my current vehicle and $10K for the new one. The sales manager was all over that like a hobo on a ham sandwich.

Offer is good until Tuesday, here is another perk; active duty military don't pay state sales taxes in TN so that saves an additional 9.25%

 

[ff500]

I can be an impulse buyer myself sometimes, you would be going from a 2 wheel drive sxt to a 4x4 slt which I think is their top of the line model. Do you have a payment now?

 

[Tom's_03SVT]

I can be an impulse buyer myself sometimes, you would be going from a 2 wheel drive sxt to a 4x4 slt which I think is their top of the line model. Do you have a payment now?

Actually it's the mid-level package. The Laramie is the cream of the crop, top dog model, but $47K of a pick up is idiotic, I don't have a payment currently...

 

[ff500]

Sounds like you'd be getting a great deal if you put the two of them together, 1/2 price for the first truck and then a great deal on this truck which sounds like more truck for the money, I guess it comes down to if you are comfortable with a payment, plus not having to pay sales tax while you are active is a positive, especially if at some point you plan on upgrading and are not in the military anymore. Tough decision never the less.

 

[Blk04Snake]

Financing 10k for a 40k truck? Where do I sign? I'd do it man!

 

[Stroszek]

You'll still have a substantial amount of equity in the new truck. I'd go for it. If the $200/mo becomes a burden, you ought to be able to get your 15K and your 10k back and quite a bit more..

 

[ON D BIT]

do you want another dodge? would another dealer give you 20k on your trade(gm or ford truck)? how bout search and find the one you want, one that may be a little cheaper?

one item of note. a dealer made a deal with someone recently offering 30k in trade on an srt10. dealer tried to back out, but he had it in writing. then the dealer would not finance him, still trying to get out of the deal. finally the guy paid cash and the dealer smoked it.(link is below, gets interesting on pg 2.)
I think I bought a 06 Viper today? - 6speedonline.com Forums

two things. get the offer in writing and signed by the gm/gsm. buy it because you want the truck, not because of the deal!:beer:

 

[whiplash306]

Couple of things to consider....

From the sound of your initial couple of posts, the truck you have seems to be used for strictly utilitarian purposes. Now it seems you are considering a +/- $200 p/month payment for nothing more really than a few eye catching perks and frills. Do you have another car that might already provide that? If so, save yourself the money.

Also, even though the truck you are looking at costs ~$40k, please do consider (and I'm NOT being biased, just factual), it's a Dodge. The trucks are awesome looking, perform GREAT and can work flawlessly for years, but their true value, and worse, resale value, is TERRIBLE!

I would say if you've got a good truck right now and a fun, performance vehicle as an alternative, save yourself the payment....seems your current setup is IDEAL!

 

[Tom's_03SVT]

do you want another dodge? would another dealer give you 20k on your trade(gm or ford truck)? how bout search and find the one you want, one that may be a little cheaper?

one item of note. a dealer made a deal with someone recently offering 30k in trade on an srt10. dealer tried to back out, but he had it in writing. then the dealer would not finance him, still trying to get out of the deal. finally the guy paid cash and the dealer smoked it.(link is below, gets interesting on pg 2.)
I think I bought a 06 Viper today? - 6speedonline.com Forums

two things. get the offer in writing and signed by the gm/gsm. buy it because you want the truck, not because of the deal!:beer:

I'm in the market for a good truck with the most options for my $$$. I'm not really blinded by brand loyality (I have owned them all).

Good call, I have a purchase agreement stating what they will sell the truck for and what my trade is worth is good for 7 days. I went to Carmax to see if they would buy the truck outright and they offered me $18K.

I looked at a couple of F150's and I really like the Sync system a lot better than the Uconnect that Chrysler uses. However, I like the exterior styling and HP difference of the dodge better (Dodge's 4.7 puts out more than Ford's 5.4 and Hemi smokes them both). the deals werent there either, I can't touch a 4X4 Ford for anything less than $30K.

 

[Tom's_03SVT]

Couple of things to consider....

From the sound of your initial couple of posts, the truck you have seems to be used for strictly utilitarian purposes. Now it seems you are considering a +/- $200 p/month payment for nothing more really than a few eye catching perks and frills. Do you have another car that might already provide that? If so, save yourself the money.

Also, even though the truck you are looking at costs ~$40k, please do consider (and I'm NOT being biased, just factual), it's a Dodge. The trucks are awesome looking, perform GREAT and can work flawlessly for years, but their true value, and worse, resale value, is TERRIBLE!

I would say if you've got a good truck right now and a fun, performance vehicle as an alternative, save yourself the payment....seems your current setup is IDEAL!

I have thick skin, I'm asking for honest opinions...

That's just it, I don't have another car. I have been looking diligently for a 2010 GT500 and will more than likely buy one in the next year. I know that I can pay off the $10K on this truck before that.

Too true on the resale value, imagine my surprise, when they offered me $5500 more for the truck than I paid for it. KBB and NADA have the value at around $15-17K.

 

[ON D BIT]

I have thick skin, I'm asking for honest opinions...

That's just it, I don't have another car. I have been looking diligently for a 2010 GT500 and will more than likely buy one in the next year. I know that I can pay off the $10K on this truck before that.

Too true on the resale value, imagine my surprise, when they offered me $5500 more for the truck than I paid for it. KBB and NADA have the value at around $15-17K.

if thats the case skip the truck. get the gt500. your going to lose the 5k that you gained with trade in on the loss of value on the new truck anyway, so thats a push.

if you want a truck get a truck.
if you want a gt500 get that! 18k cash from carmax is a nice down on the gt500, that can now be had for 1k over invoice.
you can also wait 6 months and get the 35k 400hp 2011 mustang gt or the lighter 2011 gt500!:rockon:

dont buy one vehicle just to sell it in a year or two to get the vehicle you really want! get the vehicle you want instead and save the money that would be loss in depreciation. good luck!

 

[x NOODLES x]

If a 4x4 doesn't demand MUCH higher resale where you live, then I saw stay put. Up here Id do it in a heartbeat. Cause NO ONE wants a 2wd truck. :beer:

 

[ON D BIT]

I have thick skin, I'm asking for honest opinions...

That's just it, I don't have another car. I have been looking diligently for a 2010 GT500 and will more than likely buy one in the next year. I know that I can pay off the $10K on this truck before that.

Too true on the resale value, imagine my surprise, when they offered me $5500 more for the truck than I paid for it. KBB and NADA have the value at around $15-17K.

if thats the case skip the truck. get the gt500. your going to lose the 5k that you gained with trade in on the loss of value on the new truck anyway, so thats a push.

if you want a truck get a truck.
if you want a gt500 get that! 18k cash from carmax is a nice down on the gt500, that can now be had for 1k over invoice. or about 45k, and you can save 9%+ on tax? your talking 46k otd for the new gt500! get this!:idea:
you can also wait 6 months and get the 35k 400hp 2011 mustang gt or the lighter 2011 gt500!:rockon:

dont buy one vehicle just to sell it in a year or two to get the vehicle you really want! get the vehicle you want instead and save the money that would be loss in depreciation. good luck!

 

[ModularFan]

if thats the case skip the truck. get the gt500. your going to lose the 5k that you gained with trade in on the loss of value on the new truck anyway, so thats a push.

if you want a truck get a truck.
if you want a gt500 get that! 18k cash from carmax is a nice down on the gt500, that can now be had for 1k over invoice. or about 45k, and you can save 9%+ on tax? your talking 46k otd for the new gt500! get this!:idea:
you can also wait 6 months and get the 35k 400hp 2011 mustang gt or the lighter 2011 gt500!:rockon:

dont buy one vehicle just to sell it in a year or two to get the vehicle you really want! get the vehicle you want instead and save the money that would be loss in depreciation. good luck!

I agree. You can find an 07 GT500 for a little over 30K, take the trade in money and walk away and go get a gt500, that will when its all said and done you have 5-8K possibly 9-10K to pay off on the gt500.

 

[Tractorman]

Trade up. Small payment, awesome truck. Go from transportation to something that's a lot more than that.

 

[Tom's_03SVT]

if thats the case skip the truck. get the gt500. your going to lose the 5k that you gained with trade in on the loss of value on the new truck anyway, so thats a push.

if you want a truck get a truck.
if you want a gt500 get that! 18k cash from carmax is a nice down on the gt500, that can now be had for 1k over invoice. or about 45k, and you can save 9%+ on tax? your talking 46k otd for the new gt500! get this!:idea:
you can also wait 6 months and get the 35k 400hp 2011 mustang gt or the lighter 2011 gt500!:rockon:

dont buy one vehicle just to sell it in a year or two to get the vehicle you really want! get the vehicle you want instead and save the money that would be loss in depreciation. good luck!

Thanks for all the feedback, I really do appreciate everyones input.

I guess I should have been forthright with this, it's not either or...

I by no means have money to burn, but I won't be daily driving the GT500. I sold my 03 Cobra last year and that is where that $$$ for that will come from (at least most of it). I perfer not to drive the GT500 in the winter months, we get really bad ice storms here and it would be a death trap on these country roads.

I will daily drive the truck I have now (which does fine in the snow and ice) or the new truck I purchase for $10K plus my trade. I mentioned early that I have worked the numbers and with a little belt tightening I can pay the new truck off by May 2010.

Depreciation is my biggest obstacle right now, I have an opportunity to get more for something than I paid for it,(decreasing window of opportunity, in three months I might break even), but I have to spend twice as much (make $5K spend $10K) to get a moderately better truck...Damn it!